While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is particularly important for single parents to ensure no stone goes unturned when legally outlining what their wishes are in the event of their passing. Michigan parents who are raising children on their own must take steps to create a comprehensive estate plan. The fate of assets is on the line, and, more importantly, the fates of any minor children are on the line also.
If there is another parent who can step in as guardian, that person may raise the children and be responsible for any assets the children inherit from the other parent. While ensuring the children are raised by the surviving parent may be the right decision, the ownership of assets belonging to the other parent might not be. These assets can be controlled by another party, such as another family member, or put into a trust controlled by another party.